Shares of Shopify (NYSE: SHOP) were on an upward trajectory in pre-market trading on Thursday as the e-commerce company announced revenues of $1.4 billion in the third quarter, up by 22% year-over-year, coming in ahead of consensus estimates by $30 million.
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Adjusted net loss came in at $0.02 per share versus $0.08 per share in the same period last year. Analysts were expecting a loss of $0.07 per share in Q3.
The company’s Gross Merchandize Value (GMV) increased 11% year-over-year to $46.2 billion while its merchant solutions revenue as a percentage of GMV was 2.14%, “the highest level in Shopify’s history.”
Amy Shapero, Shopify’s CFO commented, ““In Q3, we delivered another solid quarter of GMV, revenue, and gross profit dollar growth against the high inflationary environment. From an operational perspective, we recalibrated our organizational structure, successfully rolled out a new compensation framework, and began integrating Deliverr into Shopify.”